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Smartphone Market size is set to grow by USD 77.05 billion from 2024-2028, Growing adoption of AI in smartphones boost the market, Technavio



NEW YORK, July 5, 2024 /PRNewswire/ — The global smartphone market size is estimated to grow by USD 77.05 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.43%  during the forecast period. Growing adoption of AI in smartphones is driving market growth, with a trend towards emergence of sensor fusion technology. However, ongoing trade wars affecting smartphone sales  poses a challenge. Key market players include Acer Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., Guangdong OPPO Mobile Telecommunications Corp. Ltd., Honor Device Co. Ltd., HTC Corp., Huawei Technologies Co. Ltd., Kyocera Corp., Lava International Ltd., Lenovo Group Ltd., LG Corp., Micromax Informatics Ltd., Nokia Corp., Samsung Electronics Co. Ltd., Shenzhen Transsion Holdings Co. Ltd, Sony Group Corp., TCL Electronics Holdings Ltd., Xiaomi Communications Co. Ltd., and ZTE Corp..

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Smartphone Market Scope

Report Coverage


Base year


Historic period

2018 – 2022

Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 3.43%

Market growth 2024-2028

USD 77.05 billion

Market structure


YoY growth 2022-2023 (%)


Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 51%

Key countries

China, India, Germany, US, and Brazil

Key companies profiled

Acer Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., Guangdong OPPO Mobile Telecommunications Corp. Ltd., Honor Device Co. Ltd., HTC Corp., Huawei Technologies Co. Ltd., Kyocera Corp., Lava International Ltd., Lenovo Group Ltd., LG Corp., Micromax Informatics Ltd., Nokia Corp., Samsung Electronics Co. Ltd., Shenzhen Transsion Holdings Co. Ltd, Sony Group Corp., TCL Electronics Holdings Ltd., Xiaomi Communications Co. Ltd., and ZTE Corp.

Market Driver

Sensor fusion technology is a crucial innovation in the smartphone market, allowing devices to combine data from various sensors for more accurate results. Bosch Sensortec GmbH offers FusionLib, a 9-axis fusion solution that combines a gyroscope, geomagnetic sensor, and accelerometer for robust absolute orientation. This technology is essential for AR applications, improving position and orientation information by eliminating individual sensor deficiencies. Sensor fusion solutions enable tilt compensation, compass calibration, and data correction, fueling the growth of the global smartphone sensors market. These advancements contribute significantly to the smartphone industry by enhancing functionality and user experience. 

In the dynamic world of electronic devices, smartphones continue to dominate the market. Premium class phones with advanced features like cloud storage, content subscription, and high-speed network access are in high demand. Disposable cash is a key factor for mobile phone users looking for entertainment, networking, and improved telecom infrastructure. 5G gadgets, including 5G chips and 5G network technologies, are the next-generation products driving growth. Chipmakers and laboratories are engineering institutes’ focus, developing next-generation applications for gaming consoles, laptops, tablets, and picture processing. Affordable handsets cater to budget-conscious consumers. Operating systems like Android and iOS, with application developers creating social media, utility, lifestyle applications in C++ and Java, fuel innovation. In-app purchases and subscriptions to courses further enhance user experience. High-speed data connectivity and integrated IoT applications complete the package. 

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Market Challenges

Smartphone vendors are investing substantial resources in exporting devices to seize the global market. However, government interventions, such as trade bans, can adversely impact this market. For instance, the US and China, significant players in the global electronics supply chain, have imposed tariffs on each other, including smartphones. This has increased the cost of manufacturing and selling smartphones, potentially reducing sales volumes and market share for vendors. APAC, the primary market for smartphones, has been affected due to increasing government regulations on the movement of electronic commodities. As a result, the shipment of smartphones from China to other countries decreased in Q2 2021. The uncertainty surrounding trade wars and government regulations is expected to hinder the growth of the global smartphone market during the forecast period.The smartphone market faces several challenges in 2021, according to International Data Corporation. Component shortages, particularly semiconductors, hinder mobile phone manufacturers’ ability to meet demand. Virtual and augmented reality technologies require low-power consumption and fast charging capability, adding complexity. Human-system interaction, digital information, and connectivity are key for mobile phone usage in automobiles, fleet management, healthcare devices, and infrastructure security systems. Mobile sensors, face recognition, and fingerprint technology are essential hardware features. OEMs and e-commerce platforms prioritize online shopping, m-commerce, and telecom industry collaborations. Dual-camera systems, web browsing, multimedia, and gaming are primary software capabilities. Governmental assistance and feature phones cater to specific markets. The technology market continues to evolve, with hardware and software capabilities shaping the future of consumer electronics.

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Segment Overview 

This smartphone market report extensively covers market segmentation by  

Technology 1.1 Android1.2 IOS1.3 OthersPrice Range2.1 Between USD150USD8002.2 Greater than USD8002.3 Less than USD150Screen Size3.1 Greater than 6 inches3.2 Between 5-6 inches3.3 Less than 5 inchesGeography 4.1 APAC4.2 Europe4.3 North America4.4 Middle East and Africa4.5 South America

1.1 Android-  The Android operating system, provided by Alphabet Inc. (Google,) is a widely adopted mobile operating system worldwide. With over 2.5 million apps available in the Google Play Store, users can download various applications according to their needs. Key features of Android OS include smart reply for messaging apps, focus mode options, Wi-Fi sharing via QR codes, and Google Assistant. Google offers free access to its search engine, Google Maps, YouTube, and other web services. The popularity of Android OS is evident as major smartphone vendors, such as Samsung Electronics Co. Ltd., Huawei Investment and Holding Co. Ltd., Xiaomi Corp., and BBK electronics (Oppo, VIVO, OnePlus, and Realme), have adopted it as their OS. In February 2023, Xiaomi, Realme, and OnePlus launched their new Android OS-based smartphones, the Xiaomi 13 and 13 Pro, Realme 10 Pro Coco-cola edition, and OnePlus 11 and 11R, respectively. These launches, along with the increasing demand for Android OS, are expected to boost the growth of the Android segment of the global smartphone market.

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Research Analysis

The smartphone market is experiencing a surge in growth, driven by improved telecom infrastructure and the availability of affordable handsets. Mobile phone users worldwide are embracing the latest 5G gadgets, powered by advanced 5G chips and 4G network technologies. Chipmakers are at the forefront of this revolution, supplying the hardware for these innovative devices. Mobile handsets now offer a wide range of internet-based facilities and digital functions, from web browsing and email to social media and messaging. Android and Windows Phone continue to dominate the operating system market, with third-party originators offering budget-centric product launches. The integration of Artificial Intelligence, 5G technology, and advanced camera capabilities is transforming the mobile experience, making it more convenient and enjoyable for users. Governmental assistance and the continued development of feature phones cater to the needs of the unconnected population. Overall, the smartphone market is an ever-evolving landscape of hardware and software capabilities, offering users a world of connectivity, entertainment, and productivity at their fingertips.

Market Research Overview

The smartphone market is experiencing significant growth with the advent of improved telecom infrastructure and the availability of affordable handsets. Mobile phone users are increasingly turning to 5G gadgets for high-speed data connectivity and integrated IoT applications. Chipmakers and laboratories are at the forefront of developing 5G chips and 5G network technologies to power these next-generation products. Handset design and functionality continue to be key considerations, with operating systems like Android and iOS leading the way. Application developers are creating innovative solutions for social media, mobile utility, and lifestyle applications, while C++ and Java remain popular programming languages. Budget documents and logistics networks are essential for the timely launch of budget-centric products. The premium segment is also seeing innovation with advanced features like AR technology, over-the-top platform subscriptions, and low-power consumption with fast charging capability. The telecom sector is also impacted by customs duties, emissions regulations, and component shortages, particularly for semiconductor components. Mobile phones are increasingly being used for various applications, from automobiles and fleet management to healthcare devices and infrastructure security systems. Mobile sensors and human-computer interaction are also areas of focus for technology market growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologyAndroidIOSOthersPrice RangeBetween USD150USD800Greater Than USD800Less Than USD150Screen SizeGreater Than 6 InchesBetween 5-6 InchesLess Than 5 InchesGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

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Neusoft Remains No.1 in China’s Healthcare Security Information System Market Share




SHENYANG, China, July 18, 2024 /PRNewswire/ — In a recent report by IDC titled China Healthcare Security Administrating System Market Shares, 2023: Deepening Application, Neusoft Corporation (Neusoft, SSE: 600718) once again ranks first in China’s healthcare security information system market share, reflecting its ongoing leadership in this field.

Healthcare security informatization was the starting point of Neusoft’s Big Health business strategic layout. Having been deeply engaged in the field for three decades, Neusoft witnessed the development process of China’s healthcare security system, and has been empowering the establishment of the multi-tier and wide-coverage system with its innovative technologies, products, solutions and services. With rich experience and successful practice in healthcare security informatization, Neusoft has won widespread recognition and good reputation in the market. Meanwhile, Neusoft is actively developing systems for deepening application in the areas of data governance and public services, and integrating AI technology into healthcare security informatization, to lead the industry towards continuous innovation and advancement.

Currently, Neusoft provides robust support in building China’s unified national healthcare security information platform, as well as the healthcare security platforms in over 200 cities across 25 provinces. Neusoft is enhancing its R&D investment in AI technology, continuously exploring the innovative application scenarios and practices of healthcare security big data. Besides, Neusoft has recently introduced an integrated solution tailored for China’s compact county-level medical community, facilitating total payment for healthcare security, to empower the development of county-level medical communities.

Looking ahead, Neusoft will strengthen its digital and intelligent business layout and continue to engage deeply in building intelligent healthcare security information system, enhancing the accessibility and convenience of healthcare security services, to promote the digital and intelligent development of the industry.

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Motherhood Care+ Secures Seed Funding from Care Ventures Group to Revolutionise Maternity Care Industry




KUALA LUMPUR, Malaysia, July 19, 2024 /PRNewswire/ — Motherhood Care+, an innovative health & wellness tech startup based in Malaysia, announced today the successful completion of a seed funding round in December 2023, led by Care Ventures Group, a fund specialising in healthcare, wellness, medical, and AI technologies.

Motherhood Care+: The Future of Maternity

Motherhood Care+ aims to elevate maternity care standards by integrating a comprehensive array of products and services from confinement centres, confinement nannies, and confinement wellness providers. Recognising the critical importance of prenatal and postnatal health & wellness for new mothers, the startup supports women throughout their 9-month pregnancy journey and the crucial first 100 days post-birth.

Motherhood Care+ is a female-led and female-founded company, established in May 2023 by Tan Yew Aik and Goh Shze Yinn. Ms. Tan brings over a decade of experience in the postpartum care and maternity industry and is a co-founder and committee member of the Malaysian Postpartum Care Association. Ms. Goh, with a diverse background in finance and technology, also serves as a board member of Nuren Group Limited, an Australian-listed parenting tech company. Their combined expertise and leadership are pivotal in driving the vision and success of Motherhood Care+.

Funding and Future Plans

“We are thrilled to partner with Care Ventures Group, whose investment underscores our mission to transform the maternity care and wellness landscape,” said SY Goh, Co-founder of Motherhood Care+. “With this funding, we plan to expand our platform and enhance our technology to streamline operations and optimise user experience. In the next six months, we aim to feature at least 750 confinement centre rooms and 1,300 confinement nannies in the Care+ Members App, enabling us to better serve mothers across Malaysia and Singapore.”

Care Ventures Group’s investment comes as Motherhood Care+ achieves operational profitability within less than a year of its inception in March 2024. The startup is set to launch its flagship technology platform, the Care+ Members App, in August 2024. The app aims to cater to 200 new mothers monthly by providing access to a curated selection of maternity care services.

Investor’s Perspective

“We are impressed with the traction and metrics that Motherhood Care+ has achieved in such a short period,” said Dato Eng, Partner at Care Ventures Group. “Both Tan and Goh are domain experts, combining extensive knowledge of the maternity industry with operational excellence in technology adoption and financial controls. I am excited to be part of this promising journey.”

Utilisation of Funds

The seed funding will support Motherhood Care+’s strategic initiatives, including merchant acquisitions, process optimisation, and technology advancement. Over the next six months, the startup aims to onboard over 750 confinement centre rooms and 1,300 confinement nannies onto the Care+ Members App, enhancing accessibility to quality maternity care services across Malaysia and Singapore.

Learn More

To sign up and learn more about the Care+ Members App, visit

About Motherhood Care+

Motherhood Care+ is a forward-thinking health & wellness tech startup dedicated to revolutionising maternity care. Established in May 2023 and based in Kuala Lumpur, Malaysia, Motherhood Care+ aggregates products and services from confinement centres, confinement nannies, and confinement wellness providers to support new mothers throughout their pregnancy and postnatal journeys. Led by co-founders Tan Yew Aik and Goh Shze Yinn, the company combines extensive industry expertise with innovative technology to enhance maternal health outcomes. Motherhood Care+ aims to elevate maternity care standards by integrating comprehensive solutions that prioritise the health and wellbeing of mothers and their newborns.

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Introducing the World’s First Consent-Based Data-Sharing Framework Built on Open Standards: The Affinidi Iota Framework




Affinidi Iota Framework disrupts how businesses gain insights about customers. The framework shifts the processing of queries to a personal data vault, providing transparency regarding what is disclosed through explicit consent. This grants individuals full control over how they are discovered and how they share information with others.Affinidi Iota framework democratises developers’ access to data through modern and privacy-preserving open standards, including W3C Verifiable Credentials, DIF Decentralised Identifiers, OID4VP, OID4VCI, and Presentation Exchange format (PEX).

BERLIN, SINGAPORE, BANGALORE, India, July 19, 2024 /PRNewswire/ — Affinidi, a Singapore-based data and identity management company, launched the Affinidi Iota Framework built on open standards at the WeAreDevelopers World Congress. This innovative framework establishes a new way for individuals to share data by prioritising explicit consent, empowering individuals to selectively share specific data points with a clear understanding of their intended use.

In the traditional digital landscape, individuals often share sensitive data with third parties without transparency or control, leaving their data vulnerable to misuse, unauthorised access, and data breaches. A Twilio report shows that 60% of Asia Pacific consumers demand consent and communication on data use, while a PwC study reveals a trust gap, with only 30% of consumers trusting businesses. Existing solutions exacerbate these issues by collecting vast amounts of individuals’ data (essential/non-essential) and transferring it to back-end databases, burdening developers with managing large volumes of data and associated risks.

Affinidi’s Iota Framework disrupts this outdated model, pioneering a new era of data privacy and security. The Affinidi Iota Framework enables developers to request essential data points directly from individuals, with explicit consent, eliminating the need to collect and store non-essential information. This approach ensures individuals maintain control over their data, reducing storage burdens, and minimising risks associated with data collection and potential misuse. Affinidi equips developers with dev-friendly templates and robust tools, streamlining the setup of data-sharing processes. With our easy-to-use SDK, developers can navigate the complexities of identity, privacy, and security, building innovative solutions in just minutes.

The Affinidi Iota Framework revolutionises data exchange between businesses and individuals by adhering to strict consent-first principles, providing businesses with richer, more accurate data that enhances personalisation, and fosters market innovation and competitiveness. Roopesh Shah, Co-Founder and CTO of Gro Club, India’s first and largest bicycle subscription model that recently adopted Affinidi’s solution for seamless integration, shared, “We began with Affinidi Login to simplify access to individual data through a one-click onboarding process. But with the introduction of the Affinidi Iota Framework, we are thrilled to advance beyond efficient customer onboarding, laying the groundwork for a future where every interaction is precisely tailored to individual preferences based on accurate and consented data.”

Built on Open Standards

The Affinidi Iota Framework leverages cutting-edge technologies such as the DIF Presentation Exchange (PEX) protocol and the OpenID for Verifiable Presentations (OID4VP) specifications built on OAuth 2.0 to deliver a robust consent-first solution for a new way of data sharing.

At the heart of the Affinidi Iota Framework is the DIF Presentation Exchange (PEX) specification. PEX, based on JSONPATH, serves as a standard query language for data exchange, enabling powerful filtering capabilities that accommodate simple and complex use cases. By defining data requests with a structured syntax, PEX simplifies data sharing, making specific data requests more seamless and efficient. Using standardised schemas ensures that queries are portable, allowing multiple developers and businesses to utilise them without reinventing the wheel. This streamlines the data exchange process and enhances interoperability across different systems.Building on the robust OAuth 2.0 authorisation framework, the OID4VP protocol provides a secure transport mechanism for Verifiable Presentations. Simply put, Verifiable Presentations extract specific information from Verifiable Credentials, like signed digital containers holding personal data (such as an ID or diploma). These presentations, shared as VP Tokens, ensure data authenticity and provenance. This groundbreaking feature enhances data safety, reducing risks of data breaches and fraud by sharing only necessary, verified information. It establishes transitive trust efficiently, maintaining high security and privacy standards within the Affinidi Iota Framework.The Affinidi Trust Development Kit (TDK), our SDK, is an open-source toolkit that enables developers to build privacy-preserving applications efficiently, aligning with complex and evolving standards. This streamlined solution integrates multiple elements to provide privacy functionalities without requiring workflow overhauls. By bridging Web 2 and Web 3 technologies, the framework leverages decentralised data stored in the Affinidi Vault for just-in-time data acquisition. It offers a range of modules, including clients for identity management, verifiable credential handling, and login configurations, ensuring flexibility and choice for developers. Supporting various programming languages such as TypeScript and Python facilitates seamless integration of Affinidi’s trust services into applications.

How it Works

The Affinidi Vault is a secure personal data store where individuals can securely store their information. Developers need to create an Affinidi Iota Framework configuration to set up the basics required to query the data from the Affinidi Vault. After creating a configuration, developers can integrate the Affinidi Iota Framework into their application with the Affinidi TDK. This setup ensures that data is shared only with the explicit consent of the vault owner, empowering individuals with choice and control over the information they share while enhancing data privacy and security. This also simplifies real-time data acquisition, reduces complexity, and enhances trust and transparency.

Revolutionising Data Exchange and Ownership

Affinidi is leading a global movement to return data ownership to individuals through its Holistic Identity concept, addressing the fragmentation of digital identities across platforms. The release of the Affinidi Iota Framework marks another significant step towards achieving this vision.

“In a new world where individuals can control their identity and data, we must redefine how information is shared. The Affinidi Iota Framework represents a major step forward in safeguarding privacy and consent by shifting information processing to the individual’s personal data vault. Gone are the days of trusting third parties with sensitive documents like pay slips and bank statements just to open a bank account,” said Glenn Gore, Chief Executive Officer of Affinidi.

The beta version of the Affinidi Iota framework can be accessed through the Affinidi Portal. Learn more about the Affinidi Iota Framework here.

About Affinidi

Affinidi is a data and identity management company founded by Temasek in 2020 that aims to revolutionise data ownership for good through its Holistic Identity concept. Globally anchored in Singapore and supported by strategic hubs in Berlin, Ukraine, and Bangalore, Affinidi seeks to empower individuals, and enrich developers and businesses through its consent-driven and privacy-preserving solutions, rooted in trust and security.

The Holistic Identity concept encompasses the complete spectrum of discovering, collecting, sharing, storing, and even monetising one’s data in the digital world. Affinidi adopts an unwavering user-first approach, providing innovative developer tools with a ‘privacy-by-design’ philosophy within every layer of their tech stack. It emphasises and executes an end-to-end network trust known as the Affinidi Trust Network, underpinning a data environment that is secure and inherently interoperable. This commitment to decentralised identity management transcends borders and industries.

Affinidi is actively pioneering the #ReclaimYourData movement through advocacy, partnerships, and education. Find out more here:

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